Software

Financial risk management software to reach $9.2B market value by 2031

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May 12, 2023

The financial risk management software market will grow from $2.5 billion in 2021 to $9.2 billion by 2031, according to a press release from Allied Market Research. It will grow at a compound annual growth rate of 14.4% from 2022 to 2031.

Key drivers of the market include:

• More complex financial tools.
• Increasing regulatory requirements.
• Increase in market volatility.

However, the market is being held back by both high costs and complex IT infrastructures with multiple legacy systems. Other key findings include:

• The on-premise segment will hold the highest market share.
• Cloud segment will see highest growth.
• Software component held highest market share in 2021.
• North America was dominant in 2021 but Asia-Pacific will see highest growth.